Inflation Falls to Lowest Level in Over Three Years
FOR IMMEDIATE RELEASE:
August 14, 2024
FARGO – Today the U.S. Department of Labor released the latest consumer price index (CPI) report showing inflation falling to its lowest annualized level since March 2021.
North Dakota Democratic-NPL Chair Adam Goldwyn said, “Under President Biden and Vice President Harris, working families across the country are seeing the benefits of plunging inflation. Republicans are ready to put out-of-state billionaires and big corporations over hardworking North Dakotans. Only the Democratic-NPL candidates – Katrina Christiansen for Senate, Trygve Hammer for House, and Merrill Piepkorn for governor – are the only ones on the ballot this year who will continue the work to lower costs for American families and grow the middle class.”
Economists warn that Trump’s agenda would slow down economic growth and cause higher inflation.
USA Today: “According to a Moody’s study, Trump’s plan would trigger a recession by mid-2025 and an economy that grows an average 1.3% annually during his four-year term vs. 2.1% under Biden. (The latter is in line with average growth in the decade before the pandemic.)
“Next year, under a Trump administration, inflation would rise from the current 3.3% to 3.6%, well above the 2.4% forecast under Biden, the Moody’s analysis shows. Compared with Biden, the U.S. would have 3.2 million fewer jobs and a 4.5% unemployment rate, a half percentage point higher, at the end of a Trump tenure.”
President Biden and Vice President Harris are delivering in North Dakota and across the country while Trump pushes a disastrous economic agenda for working families:
Annual inflation fell below 3% and core inflation fell to its lowest annualized level since April 2021, while wages are rising faster than prices for the 17th consecutive month.
Trump had the worst jobs record of any president since the Great Depression and his plans could supercharge inflation.
Trump and his MAGA allies want to give yet another tax windfall to big corporations, potentially exploding the national debt by another $1 trillion over the next decade.
CONTACT:
Laura Dronen
Communications Director
(701) 566-0616
laura.dronen@demnpl.com
